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New Zealand Business Confidence Weakens In April

New Zealand business confidence weakened in April from the prior month, but it remained at an elevated level near a 20-year high, the latest monthly ANZ business outlook survey showed Wednesday.

The balance of business confidence fell to 64.8 from 67.3 in March.

Firms' activity expectations regarding their own business eased from +58 to +53, but that's still almost double the long-run average. The report showed that expected profitability decreased for two months, but at +36, situation augurs well for investment and employment.

A net 30 percent of businesses expect to be hiring more staff. Investment intentions dipped to +30 from +31. Despite the elevated New Zealand dollar, export intentions rose to +34 from +32 in March.

The survey showed that the composite indicator, incorporating both business and consumer confidence, indicates the potential for annual economic growth as around 6 percent by mid-2014.

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